Page
THE CHINA MAIL, TUESDAY, AUGUST 13, 1957.
TRADE and COMMERCE SECTION
BRITAIN'S TRADE PREDICAMENT
Second Ottawa
Should Revise C'wealth Ties
From RONALD BOXALL
J
HONGKONG NY STOCKS HAVE
STOCK EXCHANGE
WORLD RUBBER
FIFTH LOSS MARKETS IN SIX SESSIONS
Rex
New York, Aug. 12, rubber contraut elored tadiny 5 15 points lower with Fales of 43 contracts.
September
November
January
March
July
May September
32,40
31.35
39.25
32.15
32.00
31.73
31.45
LONDON New York Sugar
MARKET
LISTLESS
London, Aug. 12. The stock market closed on a listless note. Trading was the lightest of any Monday so far this year.
British Government bonds eased, Foreign bonds were in. active while US dollar sharca
closed lower.
Market
New York, Aug. 12.
World No. 4 sugar futures closed tulay 7 tb 21 points lower with sales of 583 con- tracts.
Domide No. 6 sugar futures
closed inchanged to ሰርጥ points higher with sales of 73 'contracts.
September Bquidation and the lower row market suped the
the world trend in
contracts. Domestic deliverles held steady Small gains in the Indus-
rejecting the wetit-end Govern- trials outnumbered the small
ment action cutting the import losses although oils closed near quota 100,000 tons.
day's lows, with Shelt
Standard contract elesed 5 to Trinidad of 50 cents.
New York, Aug. 12/ Our Own Correspondent Stocks sagged again their fifth loss in six London, Aug. 12. Bualnews done on the Hong- sessions
- as a negative attitude seemed to take Slock Exchange this Pressure is growing on the British Govern-morning ineunted to approx a deeper hold in Wall Street. ment to call a conference of Commonwealth coun-mately $452.000. Noon quota- There was nothing specifle on which to pin the 15 points tower with to sales tries to discuss trade and economic policy before and the morning's tan decline just the sume talk of tight money, un-reported, Britain becomes inextricably entangled in the
certainties over the fourth quarter business out- European Free Trade Aren.
look, price investigations elination to buy.
actions:
Sitares
BANKS
ILK Bank
INSURANCES
SIPPING
What was at first a suspicion has now hardened into a firm conviction that the recent Commonwealth Prime Ministers' decision to call Commonwealth economic talks in Ottawa im- mediately after the Washington meetings of the wor IMF and IBRD was no more than a gesture of politeness to Canadian Premier John Diefenbaker.
to date
the
الله
The forthcoming Canadian, that Commonwealth relations
rapidly meeting will not be the "Second e
approaching Ottawa to revise and blog up critical point and sent that Imperial trade Government at least pauses to policy formulated there in 1932 reflect on the eforse it is follow- 15 M Diefenbaker visualised,
ing before it is too late in alter it will be a routine icetfo: of direction, Comunionwealth
Trade
4110
Finance Minsters of the kind that is customarily held after IMF meetings when the miala
together fers are conveniently on one spol. The only different
a purely nonhul one -- is that the meeting will take place In Ottawa and not in Washing-
ton.
It Doesn't
1
Trading was slow-1,050,000 Pittsburgh Plate Gam
Pubilcker Industries thores for the session against Pure C......... 100 1000 of 703 | 1,570,000 on Friday and price | Radio Corporation
swings in some insties were Republic Slee
jyald. Mel
September November January
32.40 12.33
32.23
32.15
32.05
31.73 31.55
Trading licked a festure aport trom Intra-dealer switching operations, Incidding May- November contraels at 35 points and November/September at aine points difference.
but there was no in-
March
May
July
September
縫
"Oth
$
50%
2214
07
31
New market interesi slack with traders paying
1021
wide, reflecting the thin mar-Beurs, Roebuck & Co.
declines
There were point to three points 1.15 chemicals, stects, metals,
Hayers Helters Bates
5:00 020
..... 1245 15
100 @ $315
Wheeluck
DOKA, PC
Dock
44}}
proident (0) 1190 12
3.40 ,! 3
1,15
787
13
2003 e 401ket.
300 ge 404 2500 13
300 12
1530 SA
30 a
LAND, UTC
it Lose Humphreys
1500 180 2015 34.
10.10
J 473 164
160 1.829 130 1318
RA 24,20
ura
150
103 135 100
100
1r
Itety RUBBER Amai-
UTILITIES Trunn
Three things should be done at once, Britain should demand revision of Galt's new pre- 2 rerence rule. Arising from this, Star Ferry' mns should be found to hurt (o) t monise Commonwealth and European Trade Interests. thirdly
And
to
Youmati
(1 120
Moyo E.
3 permanent organisa-Electri tion should be established Coordinale preotumie policies.
Commonwealth | 1NTALS
The Offences
arc pu-
The unveting could sti
All of these things raised out of the rut but only | sible, anch nont of them need
23.70 29.00 10 40 19 80 28 z$20
Cement... itog STORES, ETC.
Dairy Walenu
economic tles with Textless
Yangtze
130
of
Shell Oil Co
Bait Reg. Paper Sinclair Ol
In the Sogony, Mobijoji“
Solar Alrerait
motors, South Puerto Rico Sugar oils, rails and a bost of mis-Southem Co. (The) celkmoous issues. They added Southern National das up to a paper loss of over Buthern Railway C
1000 6 35
0473624 one billion in all market values. 200 HÀ 1820 |
250 0 21.10
B0024 20
200 y 197 500 1800
14010
100 13 300 20.00
00028.10
500 4 33
Industrials
Industrials dropped 4.46 on average to 402.32, ralia 1.05 20 144.37, utics 40 to 08.75. There were 1.142 issues traded with G85 lower, 220 higher. 237 unchanged. There were 76 new lows ret, 77 new high.
Standard Brands
was
lo
564 heed to statieties and the usual
[Cox]
42 ? x < 3015
Standard Ol of Cal. Standard Olt of d Standard On at NJ Steep Rock (Torento Exge.i Siers Drag Co. Stokely-Van Canip Suniebaker-Packätti Cin. Swift & Co. Texity Co. Tide Water Arm. OH Time Inc. ............................ Twenty Century Fox Flimn Union Carbide"
tinian nelie Italway United Afterattad Uniter_Gas Corp.
A few issues moved strongly the trend Universal Reinet Chemicals, up two points on U.S. Full
U.S. GYERM merger talk; Schering, up closes. Line La. to two points: United Stu es U.S. Rubber which held a point gain scored S. Smelting
1.5. Steel 12.30 early in the fession when the Warner Bros. not group
Htile Westinghouse Electric L 500 64 12.10 aireraft
Western Union Tel. Co. West Va. Pulp & Paper .... Chemicals had losses ranging
1519
1260 12.70
509
180 12.70
50 12.70 support.
lu two paints. For steels, there were drops of point ur
1.35 500 4.30
0%
10
50.
0 40
6.50 1500 BAS
$20
# the British Government conflict with Britain's policy of COTTONS
he. And the nigus | clower wants it to
Nanyang are that it doesn't.
Kurup The Gall rule on pre- MISCELLANEOUS fererices is overdue for revision Vibro Indeed Britain seems abou, to now that it has been fouled by INVESTMENTS become even more deeply the Cominon Market's inclusion Allied volved in the ftoirs of Europe of the oversens dependent terri- ilinn cemerl possible, whe| turies of its member countries ogitation Arst began for a re- not to mention the offences Lalaking of Commonwealth uninst the spirit of the rule by trade policy.
The United States, which father- ed H.
The
ix:
Once The rules, were revised the Commonwealth would be free to review Imperial Prefer- enees and bring them back Into line with the intention of the Ottawa Agreements.
CHICAGO GRAIN MARKET
Government all insists that the European Free Trade Aren proposal is acceptable ulily on condition that agricultura) products are excluded from it And it still maintains that given that condition other Common-
More ambitious but In the will not wealth countries
Chicago, Aug. 12. view of an influential group of seriously hurt.
Shurp gains in soybeans Conservative MP's, eminently That may be su. BUL fow
desirable--ovould be simultane-led a general advice of people outside the Government!
ous neoliations Britain Is in prested
with the grain futures today at the believe that
countries i position to enforce conditions;
Europe close of a fairly active ses- with
view for her entry into the Free
secondary preferences. Trade Area, The truth of the matter is that Britain needs the Free Trade Area (given the fact of the European Common Mar-
to exchanging sion of the Board of Trade. Most grains showed advances
The Nucleus
at the opening with prices mov- Another aim of this "Seconding slightly lower around mid- ket) more than the Free TradeCtawa" hould be the establis morning. However, general buy-
Arca needs Britain.
The Weakness
A rally ing brought
10
most
and
bond
NY Stock Exchange volume was $3,400,000.
American Stock Exchange
volume was 610,000 shares.
Dow-Jones closing averages
30 Industriala
| were;
rails...
15 utilities
45 stocks
O bonds
Coman, future price indox..
Closing Prices
Alden Inc. Aey.
Allied Chemicala
Allied M: 3.
as Chelmors American Airline
American Cable & Talin Corp.
American Cymamide Co...
Amer. & Foren. Power An Coe & Electric
Am. Mach. & Fury
American Motal.... American Smelling Am. Sugar Ro!..... American Tej, & Tel. Amorlean Tol. "B" Anaconda Copper Armen Steel Armour
Alan Cous. Mining Unidwin-Lima-Hanı short Baltimore & Ohio
ment of a permanent organdsa-grains at the close. tion for Commonwealth econo- nie co-operation. This, too, is wall within the bounds of feast-covering advanced soybeans Bendix Avialiun Corp.
General buying
The May contract reached a new high for the season.
Prizes in soybeans moved
It uy be because Government bility especially as there is more than eight cents o bushes realised the weakness of its bar, alreidy in existence the nucleus in early trading. gaining power that appointed of such an organisation in the Mr Reginald Maudling one of Commnwealth economie cam- the brightest young men in the mittee. Tory Party-os full-time supur- None of those things will be visor and co-ordinator or Bri-i
inid-morning at tain's part in the negotiations, casy to acutuplish. But Britain downward
dir udvance attracted His job is to see that the three as ruched a stage in its rela- when ministries Involved-the
Commonwealth oft-taking. However, commis- Treations with e Gury, the Foreign Office and the on the one hand and Europe of slon house buying started prices Board of Trade-do not lag be- the other where nomentous de- upward near the elcao. hind or full out of step in thee esions have to be taken. There march
· Europe.
Buying WEE Kenerally
Beneficial Finance
Bellehem Stee
Buring Airplane Horden (The) Co. Burroughs Add Machine Campbell Soup Co. Canadian Pacine R. Case (J. 1.) Co Celanese Corp. Cat Tractor
c. I. T. Financial Corp. Chrysler Motors
Cumns Mulybdenum
Colgate-Palmolivo
in-
Crown Zellerbach
Colombian Carbon Co. Commercint Credil Commonwealth Elec to free trade inside should be the right leelsions fluenced by the Government Corinlidated Edison
Continental Oil of Del, even if they are not the easlest.crop estimate released after the
session which Cuban Amor. Supar close of Friday's showed
soybean amend Alcal prospective
1957 below last Dow Chemicals
Dougian Alrerafa production for
Dupont de Nemours Etman Kodak
And he will be directly res-London Express Service, pensible to the Prime Minister, Mr Harold Macmillan, whose enthusiasm for European Free
Trade has never been in
doubt,
any
The question is whether other countries will Commonwealth
discourasted and Ko
become
their separate ways,
There is plenty of reason to foar this possibility. Canada is rightly disappointed with the Lo Mr lukewarm response Dierenbaker's initiative. Indla has an economic crisis and needs a huge injection of capital to solve it. Australia turned away in disappointment from trade
Britain to sign talks with trade pact with Japan, and New Zealand may be tempted to follow Ghana he
SINGAPORE year's harvest.
STOCKS
Wheat showed gains of more F Paso intional Gas than a cent at the opening and my Finance Corp.
Firestone Tyre & Rubber held them most of the day until Ford Motor commission house and stop loss General Electric Singapore, Aug. 13.
buying moved prices upward General Food Brokers today quoted the ful-fter mid-morning.
Tin Smelters
General Motors Gen. Pub, Ulf, Getty O
run factors which usually in- Buenee the price trend.
The devaluation French frane in all but
Contract No. 4 (world) the Beptember
October
natno January
Bigy September October
copper July
failed to affect trading. Gold shares and Issues were steady and quiet United Press.
London Foreign
Exchange
London, Aug. 18.
Closing rates were:
Dealers for shipments offerings New York' were limited nl buyer interest Montreal was equally small. Spot No. 1 Amsterdam
Brussels 49 Rst was quoted at 32 cents. Copenhagen
FKLE
173%
31
15%
3312 11
оп
27 1152
28
Frankfurt Man
SINGAPORE The -market opened slightly alo
Paris higher but buyers were 5001
Stockholin salilled and the market eased Vienna
stale bull some
selling. Zurich Futures were: Sr. 1 rubber per 1h: Scut. 9256-921
Oct. 03-93 Nuy
81% No. rublet per ih. Sept. BIJL-8216
33
No
No. 4
563
Spot rubber unbaled
30+
Blanket erep
LOMIMON
17
10
401%
per to. Prices.
011-9211
019-82 82-04
JN0-102
2.764-2.78 5/10 2.03 13/16-2.03 10/19 10,031-10.0436 130.0735-130,73 30.34-19.34% 11.672-11.67%
1797-1734 10.073-19.00
11673-21024 14.432414.43%
72.20-77.30
12.15-12.56)
Others unchanged.—United Prekr
3.68:40
Spot (cenly per ib, fob Cuba)
Quen interest: 6.089 contracte.
November
Contruct No. & (domerile)
September
3.57
March
4.61
September,
505
November
ந.குரு
Spot teenta per i df NY
4-x-ity!
0.0
Open interest :
1,570
cunfractà-
May
tinited PreYON.
NAMESAKES
Answers- Sejourning. 2 Ode, 3 Hemlock, 4 Adonais, 5 Mark. 6 Mermaid. 7 Agnes. Haly, Lines.
John Keats.
42% No. 1 pala erepe...
The rubber market was barely
steady with spot quoted at 27%
No. 1 The opal
..
Settlement house term
August...
October/Decenber
P2O B·I E.A
COMPANIES
-United Press.
New York Foreign
Exchange
New York, Aug. 12. Closing rates were:
Canada England official
$1.05-10732
2.70-9/32 2.73-2.75
2,773
27-2734
September
January/March
Api/June
273-275
General markets, if basis, posla!:
Augus
27-2716
September
37-271
October
27%-273
3031
Esate crepe thin Sept...
thick
AMSTERDAM
The rubber market was dull.
today in guilders per kilogram, clf Sept. us follows!
472349
144.37
•
unofficial
08,70
30-day
170.40
90-days
83.00
Australia
1.22
2.70-18/10 Prices
153.41
New Zealand
2.774
South Africa
2.701
No. 1 rubber
Belgium
012014
No. 2 rubber
Insta
2037
No. rubber
Pakiaan
2007
No. i crepe
Others unchanged United Press.
2.420
2.411
2.000
2.BAN -United Press. ·
NEW DELIVERIES
DOMINATE
COTTON MARKET
steady
New York, Aug. 12. Strength in new crop deliveries dominated the situation in raw cotton futures here today.
Deferred months zoomed as much as 3.55 a bale at the start, but gave up more than half of the Nearby rise under realising and hedge selling. deliveries succumbed to hedging after a start.
the Chuy's around Closing: lowest the list ruled six lower to 32 points higher. The market is opened
up two to 89 points. New Orleans closed of eight 1944 to up 20 points. 10322
4312
2312
423
236
58
| Jay
10,200
108,800
30300
114.000
Dec.
13,200
Total
170,200
31,300 092.700 Tales
NEW YORK
་
Prices of colion futures closed leday as follows;
October
futtial broadscale covering Spot
buying, in the December reffceled lavourable Merch week-chd Washington develop- July
May
07.
4
und irate defcrreds
601
ments on farm legislation,
December
2014
The House Agriculture Com-
Opening
Wheat closed 2
201%
mittee voted to pullport to the
for new
$2.35
Cas
and up 2 old. Soybeans closed up 3% 6% cruils.
12
Goodyvas, Tyre
to
Herden. Newport Corp.
15%
Homeatale Mining Co.
3351
Ingersoll-Rand
cotton ca fie domestic market Spot polat world prices. Last week, the October
Intand Steel Co.
20
December
lowing stock prices: Batu Lintang Rubber
Lid. British Loraco Petroleum
Syndicate Consolidated
Ord.. Fraser & Nerve Lin Oud. $2.0212 Fraser & Neave 15% cum.
prof............ $4 Gammons (Maluja) Limited: $2.8235 Hongkong & Shanghat Bank-
ing Corp..... new Hongkong in Lu. Kumpay Liù.......
8
to 3/4 cents del F) Co.
cents for Goodrich (i,
Prices per bushel in cents:
34 B Wheat No. 2, red old
September
dominion-wents capital for its | Kuola Itampar Tis Volta River scheme and won't be Lunas Rublier Estates Ltd. 31 put off with excuses,
Bewildered
prooccupation with
December Wheal new contract
Spot
Machines
Intrebeten Cosp Int'l Durbem inci Harvester ... International Nickel
Loews IncuCS).
13-121 Lene Sibt Cement Co.
05:30
13.70 33,00
NEW ORLEANS
January session consideration of Prices of cot'on fulares closed med bill aimed at pulfing surplus today as follows:
511
12
market dumped on possibilities March 41% that such a bill might be pensed May
al the current seraion.
July October Under the bill the Government December 100% would pay farriers the difference between the world price for cotton and 90 per cent of parity
LIVERPOOL
Cotion
future closings,
on a portion of the producere e per lb. wire as follows: bercage allotments.
Ok
Crop and
Otherwise the market lacked
217
22291
$455 †
Sept. 2164 (1)
2151 18(1) 218-
International. Piper
011 Tel, & Tel.
34
December
John-Manvile Co.
March
221-226
Kotwa C. Power & Light'
$2,10 439 50
May July
2219,445
Kennego Copper
102
IAggett Meyeri Tob. Co.
02
contract Oct/Nov,
Malayali Breweries........
$3.65
Corn No. 2, yellow
Lockheed Alegrüft
Dec/Jan.
172
Mar/Apr,
New Serandal Rubber Co.
101
Брок
May/June
lad.
$2.80
September
July/Aug.
Petaling Tin Ltd.
$3.20
Preember
Tuffles Hotel......
$2.45
March
Dec/Jan.
Singapore Cold Storage
11.14
Mar.
Mar/Apr.
Straits Trading
$2.52
$18.40
July Ryo
May/June
$13.80" 13.44
SAO PAULO
in
Moil Qata
per kilo were 09
$7.50
These countries are entitled to Straits Sleepship
Britain's United Englheers Ord. bewildered al feel
European Weare Bros.....
* exdiv: * exall. — China free trade which, as matters | Special, stand, must to some extent harm their aconcnile relations with the
country
matter how Exchange Rates
no
arc
wolted
mother
statistics many out to how that it won't.
The Commonwealth has not roached break-up point yet, But
Government's erlies of present policy have reason on Chuir side what they paint out
September December
September
December
Boybeans, No. 2, yellow.
Spot...... September November January March MAY
Busines
stono in the local Was unofficial exchange market this manning at the following ratonsma 3,9., qollar, (per #3),
$8.70 Barley, Starling melem (per £1) Australien botes (per zij
12.13 11M New Yoric" Mont doorgian rupiah (per (saj.. Bin Besi (per 100)
17.00 200 h, ack Kingsgles (fenist))
Spot
Lowenaisip & Bene
120 MeDonnell. Aircraft Ani
130
Block Exgo.)
Masahi Įron, Copp. Manosin Mining Minion Developṣal Monsanto Chemlent Co. 14144-142 Mojigomery Ward Motorola ilə. A......... National Cash Neg, “A" Nationa) Zeed stat National Steel Corp. 23Dci 210-207-3 | New York Cintral 2443-4400 Elevators potk Owen-India Glàm 281-25643 Pacifle Gay ■ Elec
Pan Aindrican Airways 20352
arbmount Pictures
Ponty . G Co
135-133
Parks Davie Co.
$13.403
Penn. Salt Co.
Philip - Marvis Procite A Candle Co.
[$ freshi fcature, 20% weather hewa were mostly fav New contract Oct/Nov.
ourable, Harvesting in to Rio Grande Valley was calimated 10: |to 85 per cent completed, South-
west Georgia expected ginnings will begli to teach a good volume in a week to 10 days. Central best sections
noted Increase wcovi infestations, buti the pest scellors was reported generally under confro}, öncept In southern Loulalatia,
the certificated rigek dropped 2,271, bales to 4,056-bales. Month
Dec.
Ma
valuma
19.500
43,800
Cotton cruzeiros follows:
Mar.
MAY
July
July/Aug.
future closings,
30.B
40.20
40.00
40.70
In the United ́ ́ ́Sintes,
|avetuge price of one-litch
Operi intérest | Botton at 11 deslignated spot
171200
204,500
#31300
146,700
markets was 33.00 cents.
Total enles were 20,502 bales. -United Press.
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Ontwards
"CANTON"
"CORFU"
"CARTILAGE"
"CHUSAN"
Leaves Loudon
Sailed 23/7
21 August 19th
September
1st October
Dur Ziongkong
25th August
22nd September
20th October
30 October
Via Southampton, Colombo, Penang & Sizgapore.
Homewards
"CANTON" "CONFU"
"CARTHAGE"
“CIUSANTM
Leaves Hongkong Due London
28th August
26th September
24th October
3rd November
20th Septembór
27 October
24th November
30th November
Via Singapore, Panang, Colombo a Aden.
"BUNDA"
FREIGHT SERVICE
late 15th Aug. sails 14th AuK
"BOMALT" fum 20th Aug.
"SALSETTE" leads 20th Aug, SAUS 215 ABR.
"BINGAPORE"due 22nd Aug.
for Landan, Hamburg. Rotterdam, Antwerp vis Havre, Stralis & Aden
from UK.
for Luni, Hamburg. Rotterdam, Antwerp vlä Stralt & Aden
from UK,
BRITISH INDIA S.N. CO., LTD.
1856- A HUNDRED YEARS OF SERVICE - 1950
FORMA RA” due 14th Aug.
malis 10th Aug,
"SANTHIA” das 20th Aug.
salis 21st Aug.
"SANTHIA" due 3h Bept.
saits 10th Sept.
from JapanH
for Singapore, Penang,
Itangood, Chittagong
Calcutie
trois Calcutta, fangoos & Strasta for Japan
from Japan
For Singapore, Penang, Rangoon & Calcutta
P. & Q./B. I. JOINT SERVICE
"ITAURA"
dur 14th. Aug.
kal 18th Aug.
"ISMAILA" dur 20th Aug. salts 22nd Aug.
"ITOLA#
dug 29th Aug. dalla Fist Aug.
"ITRIA"
dus 3
Avr. saile 1st Gent.
froth Bombay, Cochin, A Singapore for Japan
from Japan
for Singapore, Bombay, Katachij, Baurah, Khor- ramshahr de Kuwait
from Japan for Singapore, Preang. Bombay. Karachi Z Bhavnagar
from Korechi Babar
Cochin for Japan
EASTERN & AUSTRALIAN 5.S. CO., LTD. "ŠASTERN"
from Austral
jo Fort
londs 0/0th Gent, "EASTERN" Balls 10th Sept. for Labuan, Sandskar, Habau, Brisbane, Syd-
Melbourne ney,
Adelaide
Alt vokseli hän tibercý to call it alsý porta an or off the routé & the rotité as saliings ken subject to change or amendment with or without.netles.
For full particulars apply to:
MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.
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